A switch from a Bismarckian (BIS) earnings-related to a Beveridgean (BEV) flat ratepay-as-you-go (PAYG) pension scheme will raise the variance of personal replacementratios and, hence, the variance of individual interest-saving elasticities. A monopolisticfinancial sector can then make greater...

We develop a two-country labour-market model characterised by union wage-bargaining, in which the unemployed incur individual-specific costs of seeking work abroad. We explore the effects on equilibrium unemployment and population in each country of changes in union bargaining strength,...

This paper analyses a model of overlapping generations in which agents who do notparticipate in the labor market are unable to borrow. Thus an increase in a fullyfunded pension raises aggregate savings even with a fixed participation rate, sinceprivate savings are not crowded out one-for-one....

If unfunded pensions crowd-out private savings, pensions reform should raise the timepath of capital. Even if reform has long-run benefits, there will still be a “doubleburden”problem for a transitional generation. Assuming that there is an asset whichdiscounts the present value of an income...

Instituting an initial round of centralized wage setting before an ultimate round ofdecentralized wage bargaining may raise actually raise employment. A general multiequilibriummodel is presented with strategic complementarities in theimplementation of a new technology through aggregate demand...

There is significant academic evidence that growth in one country tends to have a positive impact on growth in neighboring countries. This paper contributes to this literature by assessing whether growth spillovers tend to vary significantly across world regions and by investigating the...

Amid continuing urban growth and the accelerating effects of climate change, East Asian cities suffer from more extreme temperatures than surrounding rural areas - being up to 2 degrees Celsius hotter on average. This urban heat island (UHI) effect is caused by cities' relative lack of...

Over the past decade, nighttime lights have become a widely used proxy for measuring economic activity. This paper examines the potential for high frequency nighttime lights data to provide "near real-time" tracking of the economic impacts of the COVID-19 crisis in Morocco. At the national...

Over the past decade, nighttime lights have become a widely used proxy for measuring economic activity. This paper examines the potential for high frequency nighttime lights data to provide “near real-time” tracking of the economic impacts of the COVID-19 crisis in Morocco. At the national...